Ethical Leadership: 10 Key Values for Work & Relationships

Have you ever stopped to think about what truly defines you as a leader and an individual? For Andrew Stotz, ethical leadership is key. When asked about his life's focus, Andrew keeps it simple: a deep passion for finance. With an impressive track record, he's become a trailblazer in Asia's financial world.

Andrew's journey is nothing short of extraordinary. A former president of the Chartered Financial Analysts Society of Thailand, he's one of the country's top equity analysts and the founder and CEO of ASO’s Investment Research. He’s also spent over two decades as a university finance lecturer, authored four books, and co-founded Coffee Works, a specialty coffee roaster revolutionizing Thailand’s coffee scene.

But Andrew’s leadership isn’t just about achievements; it’s shaped by the values that guide him. Drawing from his experience teaching ethics to Chartered Financial Analyst (CFA) students, Andrew developed 10 guiding principles that influence both his personal and professional decisions. 

10 Values That Guide Andrew Stotz's Interactions with People and His Work

Andrew shares the five key values that guide how he builds relationships with others. These values form the foundation of his ethical approach, both in life and work.

Here’s a closer look at the values that shape his interactions with people:

1. Loyalty

Loyalty means putting the interests of others—whether clients, friends, or family—first. When you act in someone’s best interest consistently, you add real value to the relationship. But loyalty isn’t always easy. It requires being clear about who you’re serving and showing you’re someone others can always rely on, building trust and respect in the process.

2. Trustworthiness

Trust is the foundation of any strong relationship. To be trustworthy, people must believe in your character, ability, and honesty. Ask yourself: “Am I one of the few people my friends or clients truly trust?” Building trust takes time, but once earned, it lasts—even after long gaps of silence. When people trust you, they’ll turn to you in their times of need.

3. Fairness

Fairness means recognizing people’s unique needs and responding accordingly. This ensures that every client, big or small, feels valued. A fair approach builds respect and loyalty, making you a trusted partner in any relationship. It’s about evaluating each situation on its own merits, and treating everyone with the care and consideration they deserve.

4. Confidentiality

Confidentiality is a non-negotiable part of trust. Safeguarding others’ privacy is essential in every interaction. The best rule of thumb is to treat everything as confidential unless someone tells you otherwise. While there are exceptions, such as when illegal activity is involved or legal requirements come into play, your commitment to confidentiality assures others they can trust you with their most sensitive matters.

5. Reveal Conflicts of Interest

Conflicts of interest happen, but they don’t have to damage trust. The key is transparency. Always disclose any conflicts before making decisions. By being upfront about potential conflicts, you simplify decision-making and demonstrate your integrity. People don’t expect a conflict-free world—they value honesty and openness, and that’s what builds lasting trust.

And five other values that shape how he does his work:

6. Diligence

Diligence is all about putting in the effort and making sure every detail is thought through. Clients appreciate knowing you've carefully considered all angles of a situation. By avoiding shortcuts and staying committed to quality, you build trust and stand out as someone who truly cares about doing their best work.

7. Independence

Being independent means trusting your own judgment and making decisions based on your own research and insights. It's not about rejecting others’ ideas—it’s about forming your own well-founded opinions. Embracing independence opens up opportunities for growth and innovation, especially in fields where people tend to follow the crowd.

8. Objectivity

Objectivity is about setting aside personal biases and focusing on the facts. By gathering information from all sides and considering different perspectives, you ensure your decisions are fair and credible. Staying objective helps you stay aligned with your values while serving your clients’ needs with integrity.

9. Thoroughness

Thoroughness is about going the extra mile and paying attention to every little detail. Clients value thorough work because it builds confidence and trust in what you do. Combining thoroughness with diligence, independence, and objectivity creates a strong foundation for delivering results that people can rely on.

10. Continuous Improvement

Continuous improvement is about always striving to grow, even when it’s easier to stay comfortable. Embracing the mindset of personal growth—whether through reading, learning, or exploring new ideas—helps you stay adaptable and ready for anything in a fast-changing world. It’s all about unlocking your full potential and staying curious.

What does true independence really mean?

You can't make an independent decision if you've only listened to one side of the story. We’re all influenced by the people around us—whether we realize it or not. So, how do we define independence in such a connected world?

Life is full of persuasive forces vying for our attention. True independence isn’t about avoiding influence but seeking out diverse perspectives and evaluating them critically. This openness to new ideas leads to better, more informed choices and sets you apart as a leader.

“Only a fool learns from his own mistakes. A wise man learns from the mistakes of others.” - Otto von Bismarck

“Unethical people don't talk to me.”

Andrew shared a powerful lesson: when you build ethical behaviors into your life, unethical people won’t bother you. He emphasizes setting clear boundaries from the start and this transparency helps eliminate confusion about what’s acceptable. He believes that if everyone enforces boundaries, bad behaviors will have nowhere to go. This creates a culture of integrity.

When you clearly communicate and live by your values, the right people will be drawn to you, and the wrong ones won’t even try. This approach makes life easier and fosters positive, ethical relationships.

The Value of Ethics in Differentiating Yourself

How do you stand out in a competitive world?

Ethics.

If you're loyal in your interactions, trustworthy, fair, and transparent about any conflicts of interest, you're already ahead. These qualities will help you build stronger relationships and make your interactions with others truly outstanding.

But it doesn’t stop there. If you're diligent in your work, independent, objective, and always striving to improve, you're not just following the rules—you're becoming a rare person. And let’s be clear, rarity is valuable. People will want to talk to you, recommend you, and trust you.

But at the end of the day, we’re all unique with our own motivators, values, and visions of success. Some people may not prioritize constant improvement, but that doesn’t make them less valuable—they simply have different goals.  What unites us is the ability to create strong relationships based on mutual respect. 

Whether you're focusing on improving your character, growing your skills, or balancing both, applying these principles will make you rare, respected, and incredibly valuable.

If you haven't yet defined your values, now's the perfect time to do so.

Ethical Leadership is Rare—And Rare is Valuable

Andrew embodies this in everything he does, and his dedication to living his ethics every day inspired me, and I believe it can inspire you too. Here are my three key takeaways from our conversation:

1. Leaders are ethical in their interactions with others.
   A leader’s character is shown through loyalty, trustworthiness, fairness, confidentiality, and transparency about conflicts of interest. If you’re clear on the type of leader you want to be and apply these traits consistently in both your personal and business life, you'll naturally lead with integrity.
   

2. Leaders are ethical in how they do their work.
   Competence is just as important as character. Being diligent, independent, objective, and focused on continuous improvement reflects a leader’s commitment to excellence. If you're clear on the qualities that demonstrate high competence and apply them in your daily life, you’ll be known for the quality of your work.
   

3. Leaders know ethics are their competitive advantage.
   Many leaders don't articulate what they stand for or how they want to lead. But getting clear on your ethics as a leader is a game-changer. Your ethics are a competitive advantage that will set you apart and help you build lasting success.

These principles aren’t just valuable for leaders—they’re valuable for everyone looking to make a positive impact in the world. 

And remember, rare is valuable, so embrace your ethics and let them lead you to success!

Andrew shared plenty of valuable examples, insights, and experiences, especially from the finance world, in this episode. For a deeper dive, tune in to the full episode here or on YouTube: Ethical Leadership: 10 Key Values for Work & Relationships with Andrew Stotz

We’d love to hear your key takeaway—drop it in the comments below!